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JGBS: Cash Bonds Cheaper, BoJ Ueda Reiterates Existing Stance

JGBS
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At the Tokyo lunch break, JGB futures are holding weaker but off early session lows, -16 compared to the settlement levels, as trading resumed after the extended New Year’s break.

  • Speaking at a New Year conference held by the Japanese Bankers Association, Governor Kazuo Ueda said the BoJ will raise its policy rate if economic conditions continue to improve this year, reiterating his existing stance. Timing of rate adjustment will depend on the economy, inflation and financial conditions, Ueda said. Momentum for wage hikes is a key point when considering rate hikes.
  • Jibun Bank and S&P Global PMIs for December printed: Services Index rises to 50.9 from 50.5 in November; Composite Index rises to 50.5 from 50.1 in November.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after Friday’s heavy close.
  • Cash JGBs are 2-3bps cheaper across benchmarks beyond the 1-year (+4.3bps). The benchmark 10-year yield is 3.2bps higher at 1.133%, just shy of the cycle high of 1.134% set on 30 December 2024.
  • Swap rates are 1-3bps higher. Swap spreads are mixed.
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At the Tokyo lunch break, JGB futures are holding weaker but off early session lows, -16 compared to the settlement levels, as trading resumed after the extended New Year’s break.

  • Speaking at a New Year conference held by the Japanese Bankers Association, Governor Kazuo Ueda said the BoJ will raise its policy rate if economic conditions continue to improve this year, reiterating his existing stance. Timing of rate adjustment will depend on the economy, inflation and financial conditions, Ueda said. Momentum for wage hikes is a key point when considering rate hikes.
  • Jibun Bank and S&P Global PMIs for December printed: Services Index rises to 50.9 from 50.5 in November; Composite Index rises to 50.5 from 50.1 in November.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after Friday’s heavy close.
  • Cash JGBs are 2-3bps cheaper across benchmarks beyond the 1-year (+4.3bps). The benchmark 10-year yield is 3.2bps higher at 1.133%, just shy of the cycle high of 1.134% set on 30 December 2024.
  • Swap rates are 1-3bps higher. Swap spreads are mixed.